Slide 1: Pacific E&P Investor Presentation First Quarter 2017 Results
TSX: PEN www.pacific.energy Pacific E&P Investor Presentation First Quarter 2017 Results INVESTOR RELATIONS
Slide 2: Advisories
ADVISORIES This presentation contains forward-looking statements. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements reg
Slide 3: Company Highlights
COMPANY HIGHLIGHTS Capital Structure Cash and Cash Equivalents $470MM Current Restricted Cash $37MM Long-term Total Debt $250MM Shares Outstanding 50MM 2017 Capital Expenditures Program Maintenance & Development $220 - $250MM Facilities & Infrastructure $50 - $60MM Exploration $55 - $65MM Total Capi
Slide 4: Post Emergence – Transformation
POST EMERGENCE – TRANSFORMATION Post-Emergence Pre-Emergence (in progress) Culture Siloes Integration Leadership Our Partners Isolation Collaborative Engagement Reactive Proactive Long-term Debt $5.4 Billion $250 Million Financial Priorities Capital Investments Growth-Focused Disciplined Focus on Co
Slide 5: First Quarter 2017 Snapshot
FIRST QUARTER 2017 SNAPSHOT 1Q 2017 Operational Highlights Average Sales Volumes 76,256 boe/d • Drilling at the Company’s heavy oil fields Average Net Production 72,524 boe/d and reactivated operations in Peru adds Combined Price $45.95/boe incremental production Operating Cost $25.91/boe • Total op
Slide 6: First Quarter Operating & Financial Results
FIRST QUARTER OPERATING & FINANCIAL RESULTS 6 INVESTOR RELATIONS
Slide 7: 1Q Production Growth
1Q PRODUCTION GROWTH 2017 Exit Production Expected to be 80,000 – 85,000 boe/d Approximately 5,000 bbl/d Attributable to Peru Mboe/d 100 92.9 80 – 85 81.5 80 75.1 72.5 69.4 60 40 20 0 1Q16 2Q16 3Q16 4Q16 1Q17 2017 Exit Colombia Peru *All quarters exclude Rubiales and Pirirí field production 7 INVEST
Slide 8: 1Q Key Performance Indicators
1Q KEY PERFORMANCE INDICATORS Operating Cost1 Combined Price & Operating Netback1 $45.95 $41.67 $40.83 $41.92 $37.60 $27.98 $0.53 $25.91 $24.54 $1.08 $0.87 $21.35 $20.53 $20.32 $20.04 $2.03 $1.73 $14.82 $17.07 $16.29 $12.94 $14.28 $13.94 $11.76 $11.24 $10.73 $12.63 $10.55 $7.56 $7.56 1Q16 2Q16 3Q16
Slide 9: Optimization & Cost Reduction Achievements
OPTIMIZATION & COST REDUCTION ACHIEVEMENTS Pacific G&A Cost1 G&A Peer Comparison1,2 $6.34 $5.37 $4.34 $4.34 $3.72 $3.10 $3.55 $2.56 $3.02 $3.13 1Q16 2Q16 3Q16 4Q16 1Q17 GTE PXT CNE PEN Peer Avg 1)$/boe 2)Source: TD Preview of Q1/17 Results - Looking to Post-Q1 Updates for the More Impactful Catalyst
Slide 10: Benefits from Divesting Non-Core Assets
BENEFITS FROM DIVESTING NON-CORE ASSETS $ in millions Cash Exploration SBLC/ Status2 Block Country Buyer Proceeds Commitments Collateral Sold Santos Basin(1) Brazil Karoon Gas 15.5 50.8 0.0 Sold North Basins(1) Brazil Queiroz Galvao (10.0) 25.6 42.5 Sold Lote 131 Peru CEPSA 17.8 7.2 0.0 Sold2 Putuma
Slide 11: Q&A Session
TSX: PEN www.pacific.energy Q&A Session Investor Presentation May 2017 INVESTOR RELATIONS
Slide 12: Pacific E&P Investment Highlights
PACIFIC E&P INVESTMENT HIGHLIGHTS “Pacific has a unique set of assets, a strong opportunity set and a skilled and dedicated workforce. While the Company will continue to look at ways to maximize the value of certain assets, the core E&P profile of this company is substantial and we look forward to c
Slide 13: Investor Relations Contact
INVESTOR RELATIONS CONTACT: Richard Oyelowo - Manager +1 (416) 362-7735 royelowo@pacific.energy ir@pacific.energy INVESTOR RELATIONS